Two-time Emmy and three-time NAACP Image Award-winning television Executive Producer Rushion McDonald interviewed Ashley M. Fox.
“Breaking News! Former Wall Street Banker, Ashley M. Fox, Tells All!” Ever wanted to learn how Wall Street operates? How the rich cultivate generational wealth for their descendants’ descendants? Why Ashley M. Fox left her lucrative job on Wall Street to start her company, Empify? How do properly invest in the Stock Market and actually see a return on investment? Well, the Money Making Conversations Master Class podcast has the scoop on all this information and more! Tune in today to hear this enlightening (and illuminating) exposé!
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:05):
Welcome to the show. I'm Rashwan MacDonald, the host of
money Making Conversations Masterclass, where we encourage people to stop
reading other people's success stories and start planning their own.
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with nonprofits who are making a
(00:25):
difference in their local communities. Now, sit back and listen
as we unlock the secrets to their success on Money
Making Conversations Masterclass.
Speaker 2 (00:35):
Is a former Wall Street analyst, founder of Implify merging
of the words empower and Modify is an educational based
organization creeds to help both adults and children understand financial literacy.
That's a really tricky term there. She is a personal
financial coach, financial journalist for Black Enterprise and Essence magazine,
(00:58):
and international speaker. Please please welcome the Money Making Conversation.
Ashley M. Fox.
Speaker 1 (01:05):
Hi, how are you pretty good?
Speaker 2 (01:06):
Mimss focon? Where are you based there right now?
Speaker 3 (01:09):
I'm in Philadelphia.
Speaker 2 (01:10):
When you say you are a former Wall Street analyst,
what does that mean? Because if your Wall Street scres
a lot of people, especially minorities, because we don't even
understand how you make money under Wall Street world break
it down a little bit too it and were willing
to take the time to understand on money made conversation
exactly what did you do and what role do you
play in that?
Speaker 4 (01:31):
Okay?
Speaker 3 (01:31):
So I went to Howard University, graduated, and I decided
to work on Wall Street. I have four internships in school,
and three of them I worked at Wall Street investment banks.
So then I lived in New York too this summer.
So that's when I realized I wanted to work on
Wall Street. It paid really great money, and so ideally
I actually just wanted to work on Wall Street because
you got one of the highest fanged jobs out of school.
And so as an analyst, I worked in acset management.
(01:53):
And so what I did was work with a team
of people who helped manage the money for clients who
made twenty five million dollars or more. So I saw
everything where they live, where they travel, what they invested in,
how much they didn't say in taxes. Pretty much, if
you had twenty five million dollars or more, you don't
need a financial advice. You needed to acce manager. And
so whether it was helping them with their trust and estates,
(02:15):
whether it was getting a mortgage on their vacation home
and NAPA or in somewhere of Florida wherever it is,
or in the Hamptons, or just helping them invest to
build that generational wealth to pass it down to their children.
We were there to provide them with the tools and
resources to help them sustain their wealth so they didn't
lose it.
Speaker 2 (02:33):
Now here's the crazy part about that statement. You said
twenty five million dollars of more correct, And yeah, you
said that number like it's a lot of them.
Speaker 4 (02:44):
It is.
Speaker 3 (02:44):
It's a whole different world. And it was interesting though,
a lot of people don't realize that a lot of
the things that we use every day, from the cars
that we drive, to the clothes that we wear, to
the football teams we watched. Interestingly enough, a lot of
wealthy people who football teams, that is not their general
source of income. That's actually just something they did because
(03:06):
it was fun to do. Most NFL owners, NBA team owners,
that is not how they got their wealth. They essentially
that is just something to do with their money, and
they may just have some sort of joy around sports,
but they did not build their wealth the majority of
them buying the sports team. That is just something extra
that they do because they have so much money. But
it is it's a completely different world out there. And
(03:27):
so the owners and CEOs of these companies that we
don't even know exist, they ideally were our clients. Now.
Speaker 2 (03:35):
So you Howard University, and you said, just as you
said casually, I wanted to work on Wall Street, and
then you wind up working on Wall Street. How do
how does the want and the actual accomplishment happen?
Speaker 3 (03:53):
I think to be and again, when I was in
high school, I wanted to look nice and make a
lot of money. I never had visions of running a business.
I never was one of those students said I wanted
to be my own boss. I always envisioned myself as
an African American working on Wall Street. Something prestiged, something
high paced, competitive, and I knew that in order to
(04:13):
get there, I was competing with the Harvards and the
Yales of the world. And so if they were looking
for prestigious black individuals, they were coming to Howard University.
And so at Howard all of these companies will come
to recruit. So I got exposed to the opportunities that
these companies had available for the students. And when I
got my first internship, and this is interesting, my first
(04:34):
internship on Wall Street. I don't know what they pay now,
but I know I made ten thousand dollars in the
summer time. And so I was nineteen years old making
a bunch of money, and I was like, I like this.
I like the feeling. I liked the people, I like
the environment. I absolutely love New York City. And so
whatever I had to do to be in that position
post graduation, I did what I needed to do to
(04:55):
work on Wall Street. But Howard University played a very
big role in exposing me to these companies, to these
opportunities to see, hey, that it is actually possible for
me to go and have a career on Wall Street
in New York City.
Speaker 1 (05:08):
Cool.
Speaker 2 (05:08):
Now, with that being said, you're you know, you have
a success on Wall Street as an analyst, seeing a
lot of people with this generational money, these accounts. What
what was running through your mind when you're around something
that you see success?
Speaker 1 (05:24):
But are you really a part of the success.
Speaker 4 (05:27):
So a couple of thoughts.
Speaker 3 (05:28):
Trends through my mind. I was in that mert it
was exciting, like I just I saw every single thing,
every dollar you spent, every I saw everything. But after
I would say eight or nine months, I got more
joy and had the desire to pick their brain on
how they got their money, not teach them how to
keep it. But the only issue was that when I
(05:49):
would go back home to Philadelphia, people thought I was rich.
So because I was making six figures, because I traveled,
I wore nice clothes, people thought I had money. And
I realized that there was a big disconnect to how
our community saw wealth and what wealth really was, and
how they thought, how they operated, how they talked their kids,
what they read. It's a completely different lifetile and we
(06:10):
are oblivious to And I think we shouldn't have to
come from money for us to learn about it.
Speaker 4 (06:16):
You don't.
Speaker 3 (06:17):
You shouldn't have to choose a career on Wall Street
to then see how wealthy people operate, manage and invest
their money. So I think it's something that we use
every day. So why isn't it given to us and
talk to us every day?
Speaker 2 (06:28):
And so that's why you created the You combined empower
and modify and created an educational based organization and created
the Health adults. That's me and our children understand financial literacy.
What is financial literacy?
Speaker 3 (06:44):
So the reason I made that word up is because I.
Speaker 2 (06:47):
Think we know you made it up. Now we know
that I was trying to figure out.
Speaker 3 (06:52):
I was trying to figure out who I was and
what I wanted to get to the world. And I
was a teacher, I was a psychologist, I was a
shoulder to cry on, I was a counselor. I was
a lot of things. And it's like, okay, But the
feeling that I am bed in the hearts and minds
of people is not just about money. It's about the
shifting of the mind, because I feel like if your
mind is right, your bank account will be right. When
(07:13):
you think of wealth, you think of longevity. When you
think of rich, you think of a lot of money
right now. Wealth is having a lot of money forever.
And that is one of the core differences that I
saw with our clients. They were worrying about giving money
to their kids, kids' kids just so they didn't have
to pay taxes on the money, whereas the majority of
people in our community are actually waiting for a tax refund,
(07:33):
not realizing that whether people don't get tax refunds. They're
trying to avoid paying taxes in any way possible and
to sustain and keep their wealth to pass it on generation.
That's a generation. And so for me, it was like, Okay,
how can I build this concept and shift our mindset?
Because everything I teach people, whether you're an adult or
a child, you can google it, Like what a stock is.
(07:53):
You can google those things. There's a mental barrier that
stops us from implementing the things that we have access
to when the things that we see and for me,
emplifies the shifting of the mind. So essentially I give
you the education, but I also give you the inspiration
to embedding you that you are worthy enough to receive
this information, that you are able to do this, that
(08:14):
you can invest. So now you're empowered. You got educated,
you're empowered. And what that ultimately does it creates a
shift in the mind because now you have the information,
now you have the inspiration. Now you say, hey, I
can do this. I believe in myself enough and I
know this can be done, which is where to modify
and the transition comes to who we are as a people.
So financial education, I mean that's just getting educated around money,
(08:35):
but again financial education. You can google and not even
have a person present. The problem is that we don't
take this information and feel that we are worthy enough
of becoming wealthy because we are not surrounded by it. Everything.
Speaker 4 (08:47):
Well, please don't go anywhere. We'll be right back with
more Money Making Conversations Masterclass. Welcome back to the Money
Making Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations
(09:08):
Masterclass continues online at Moneymakingconversations dot com and follow Money
Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 2 (09:19):
And so, now, what about these people miss Fox who
win a lot of Where do they make their mistakes
because they go broke or they don't know what to
do with the money. What advice would you give them
from a financial literacy standpoint to a person who wins
the lottery.
Speaker 3 (09:39):
So I think ideally they lose their money because they're
not accustomed to having it. And it's not until you
start feeling you are deserving of this lifestyle, that you
are grateful for this lifestyle, that your mind can coexist
with the money, Because if you're coming from a place
of lack, I want the money, I want the money,
I want the money I never had, I got to have.
I got to send it, do all those things that
(10:00):
I didn't get the opportunity to do but I didn't
have money. You're coming from a place of lack versus
a place of abundant and ideally, if you're putting out
lack and the desire to obtain money is coming from
a place I need to have it.
Speaker 2 (10:10):
I got to have it.
Speaker 3 (10:11):
From a survival standpoint, all you're doing is putting out lack.
So now the universe is just going to give you
back lack, which is why money gets taken from you.
I would say someone who wears a lottery, or not
even just someone who has a lottery, who comes across
a large amount of money, you have to ask yourself
how long do you want this money to last you?
Because you can give somebody a million dollars and they
can spend a million dollars, and I've seen people spend
(10:32):
a million dollars in less than thirty days who have
not come from money, And so you have to ask yourself,
you come.
Speaker 2 (10:38):
From money and spend it like that?
Speaker 4 (10:40):
Right?
Speaker 2 (10:41):
Right?
Speaker 3 (10:43):
What is it that I want this money for and
how long do I want it to last me? What
matters to me, what's important to me. One of the
things that I do with my clients in particular is
get it all out your system. What do you want
to buy, the house, to car, to clothes, whatever it
is that you want, get it out of your system,
and then put yourself in a position where that money
will last you forever. So that's when you're sitting you
talk to somebody in finance who can help you open
(11:04):
different types of investments, whether it's different types of annuities,
or different type of insurance policies, or different types of
brokerage accounts. Everyone is different and every age is differ
than everyone. The goals are different, but you have to
one get it off your system all the things that
you want. By no means am I saying, don't go
get the things you want. You don't want to look
up and you have all these things you want. Two
years from now, you're back at the same lifestyle, having
(11:26):
no money prior to winning the money that you did receive.
And so I think it's prioritizing what matters, writing out
your goals, the life that you envision, and sitting with
someone before you go blow through everything.
Speaker 2 (11:38):
It's really interesting because I can agree with her on
because when you're in an entertainment business, you get lomps
of money and sometimes a large loss of the money,
and you just spend money without a plan. And I
think that's the key. I can remember having cars and
I'm going, like, what am I doing with all these cars?
(11:58):
And leasing cars? And that means that in the least,
I don't even own it. But I'm paying like two
three thousand dollars a month on just monthly leases, you know.
But I'm telling myself, I can write this all my
taxes because I bought it another business. But in the end,
I don't have the vehicle. So there's a lot of
things you can get out there when you have money
that you can just spend it, and it trivializes itself
(12:19):
because if you don't think about next month, next year,
five years from now, then guess what, you're making a
big mistake when you are living in a lifestyle where
money is coming towards you. Now, the everyday person doesn't
understand that because either they live and check the check,
or they trying to survive, or they barely have a
savings account. Now you what type of people are you
dealing with?
Speaker 1 (12:39):
What type of people are.
Speaker 2 (12:40):
You coaching ms Fox, are you talking about everyday people?
Are people who have a certain financial pool of success.
Speaker 3 (12:48):
No, so don't. I don't turn people away. I think
one of the things I don't do during my time
as a financial lisor, I don't solicit because when people
are ready, they will come. And for me, I've never said, hey,
come work with me, come get your money in order.
When people are ready and they've exhausted all options, have
made all the mistakes that they could possibly have made themselves,
(13:08):
they will surrender and ask for help. And to be honest,
if you would have if you could have gotten it,
you would have been a different person today. So who
you are there has gotten this far. So in order
to be somebody different, you have to do different and
people have to be ready to receive that. But for me,
I don't turn anybody away. Ideally, I just work with
people who want to learn how to make financially educated decisions,
(13:30):
so they are looking to get the education behind that.
And I truly believe when people are ready, when they
realize that, you know, I've made every mistake in the book,
I'm exhausted, I'm frustrated. Somebody has to help me. They're
taking the risk on them. But it's easier to work
with people who want help as opposed to telling someone
you need help, because when you tell someone you need
they need help, it's actually more so offensive to them.
(13:52):
So when people are ready, they'll they reach out, and
if not, they'll get referred or things like that. But
I've never said, hey, you need to get your life
an order, because it's a touchy subject. When people are
ready to get their life of order, and they see
the opportunity or they see someone or something that could
help them, they will make it a priority to get
themselves better financially.
Speaker 2 (14:11):
Because you are talking to successful people, and one thing
about a successful person, You don't want to tell them
they're dumb or they're making the mistakes. You know. You
want to coach them through the process and go, let's
look at it this way.
Speaker 1 (14:22):
How have you considered this? How about this?
Speaker 2 (14:25):
You never just go right in you should do this
all major pushback. But if you say, have you considered this,
here are some options. Those are terms that if you're
good at what you do and she knows I'm telling
us the truth, those are the terms you have to
talk to when you're talking to successful people, especially when
you're talking about their money and what they've done with
their money. Now, let's talk about ways to invest in.
(14:45):
How to start, and it is starting in the stock market.
Speaker 1 (14:48):
The key to starting.
Speaker 3 (14:51):
Well, if you get down to the root of every
type of investment, pretty much every type of investment, it
is all rooted in connected to the stock market world way,
shape or form. Those people don't know if those retirement plans,
those pensions, the hospitals you go to, they all take
their money and it's being invested somewhere. So people one
need to realize that saving is not going to build
(15:12):
you wealth. Investing will. Saving will keep your money safe,
but it is not going to increase your network by
any means. And I think we have this mindset of
I have to have money, I have to keep money,
have to save money. That's a fear driven mentality, and
that's coming from a place of lax of All you're
focusing on is fear. All you're going to attract is
all the things that you are scared of. When it
(15:32):
comes to invest in, The easiest way I always tell
people is to buy what you know. Once you understand
the core of the stock market, which ideally is just
a piece of ownership of a company. You essentially are
investing small pieces of your money in large businesses, and
so the easiest way to start is to buy what
you know. One of the exercises I often do with
my students and with adults is make a list of
(15:54):
everything you spend your time or money on, So from
the water you drink, the car you drive, the food
you eat, the clothes you wear, the social media apps
you use, the phone you use, your cable company. All
these companies are making money off of your consumption. And
especially specifically in the black community, we have a one
point three trillion dollar buying power, which means that after
all of our bills are paid, there's one point three
(16:14):
trillion dollars being given to some company because we always
the consumer, and so as opposed to giving our money away,
sidn't think about how much does it cost to own
a piece of this company. Because a lot of the
large companies that we utilize every day are publicly traded
companies and you are able to buy stocks. So, for instance, Apple,
(16:34):
it costs more to own the new Apple iPhone than
it does to own a piece of Apple as an
entire company. And a lot of the beverages that we drink.
You have no idea everything you touch and feel and
consume is a company. Someone is making money from the
chair you're sitting on. Somebody made that chair, and someone
(16:55):
bought that chair because they knew you were going to
sit on it. Because you are using that chair, that
company makes money. We need to have a proactive mindset
on should I cannot go invest in this company? And
if you're loyal to the brand on a consistent basis,
they are consistently getting your consumption, your money, or your time.
And I think what wealthy people value is ownership versus spending.
(17:17):
In the black community, most specifically, we want to look good.
We want to feel good because deep down the side,
we don't always feel like we are good. Not realizing
that these fortune five hundred companies are here because of
what we spend our time and money on. Not saying
that it's bad to spend, but if you can't buy
it twice, you can't afford it. If you can't invest
(17:38):
it twice, you shouldn't be buying it.
Speaker 4 (17:39):
And so in this case, it's not.
Speaker 3 (17:40):
Just buy the product, it's also owned stock in the
company that makes the products that we are always using.
Speaker 2 (17:46):
As people MS Fox You too smart. I'm telling you,
I'm Jason, I'm a smart guy. Now, I'm Jay Zone.
You're boring the phone talking to you? Pretty smart now?
And you pretty you. I'm tell you something I always liked.
I always tell people why when they're smarter than me,
I gotta applaud them. Girl, you got it going on.
Speaker 1 (18:07):
And but your logic.
Speaker 2 (18:09):
But your logic, because I've heard all these things and
it's now, do you I know we running out of
time on quick? Do you manage a fund?
Speaker 3 (18:16):
No?
Speaker 4 (18:17):
I do not.
Speaker 3 (18:17):
I purely am education.
Speaker 2 (18:20):
You should you should manage your fund. You should manage
I'm just telling you. You know what they're talking about.
Speaker 1 (18:25):
You should.
Speaker 2 (18:25):
You should start your own fund. And guess who be
the first one following you in Rashan McDonough following you
in deep. I'm just telling you, you know that's where
the money at. So you need to consider that because
you are a special young lady. You are special. You
got because your articulation, your your I mean, you don't
stutter when you talk. That's key when you when people.
You don't want nobody to stutter when they talking about
(18:46):
your money. You want clarity. You know she ain't she
don't break stride, she's be rolling. Do this, do this
iPhone because you can buy stock because it's cheaper than iPhone.
That's true, Apple stock on twenty nine iPhone. You know
I could have like six six shares iPhone. Stop so good,
but we got to go. Mits Fox, you know you're
coming back on the show. You know that, right? Yes,
(19:08):
all right, you stay strong, you keep winning This Rashan
McDonald and Miss Ashley M.
Speaker 1 (19:11):
Fox. This has been another edition of Money Making Conversation
Masterclass hosted by me Rushawn McDonald. Thank you to our
guests on the show today and thank you for listening
to audience now. If you want to listen to any
episode I want to be a guest on the show,
visit Moneymakingconversations dot com. Our social media handle is money
Making Conversation. Join us next week and remember to always
(19:34):
leave with your gifts.
Speaker 2 (19:36):
Keep winning,
Welcome to the show. I'm Rashwan MacDonald, the host of
money Making Conversations Masterclass, where we encourage people to stop
reading other people's success stories and start planning their own.
Listen up as I interview entrepreneurs from around the country,
talk to celebrities and ask them how they are running
their companies, and speak with nonprofits who are making a
(00:25):
difference in their local communities. Now, sit back and listen
as we unlock the secrets to their success on Money
Making Conversations Masterclass.
Speaker 2 (00:35):
Is a former Wall Street analyst, founder of Implify merging
of the words empower and Modify is an educational based
organization creeds to help both adults and children understand financial literacy.
That's a really tricky term there. She is a personal
financial coach, financial journalist for Black Enterprise and Essence magazine,
(00:58):
and international speaker. Please please welcome the Money Making Conversation.
Ashley M. Fox.
Speaker 1 (01:05):
Hi, how are you pretty good?
Speaker 2 (01:06):
Mimss focon? Where are you based there right now?
Speaker 3 (01:09):
I'm in Philadelphia.
Speaker 2 (01:10):
When you say you are a former Wall Street analyst,
what does that mean? Because if your Wall Street scres
a lot of people, especially minorities, because we don't even
understand how you make money under Wall Street world break
it down a little bit too it and were willing
to take the time to understand on money made conversation
exactly what did you do and what role do you
play in that?
Speaker 4 (01:31):
Okay?
Speaker 3 (01:31):
So I went to Howard University, graduated, and I decided
to work on Wall Street. I have four internships in school,
and three of them I worked at Wall Street investment banks.
So then I lived in New York too this summer.
So that's when I realized I wanted to work on
Wall Street. It paid really great money, and so ideally
I actually just wanted to work on Wall Street because
you got one of the highest fanged jobs out of school.
And so as an analyst, I worked in acset management.
(01:53):
And so what I did was work with a team
of people who helped manage the money for clients who
made twenty five million dollars or more. So I saw
everything where they live, where they travel, what they invested in,
how much they didn't say in taxes. Pretty much, if
you had twenty five million dollars or more, you don't
need a financial advice. You needed to acce manager. And
so whether it was helping them with their trust and estates,
(02:15):
whether it was getting a mortgage on their vacation home
and NAPA or in somewhere of Florida wherever it is,
or in the Hamptons, or just helping them invest to
build that generational wealth to pass it down to their children.
We were there to provide them with the tools and
resources to help them sustain their wealth so they didn't
lose it.
Speaker 2 (02:33):
Now here's the crazy part about that statement. You said
twenty five million dollars of more correct, And yeah, you
said that number like it's a lot of them.
Speaker 4 (02:44):
It is.
Speaker 3 (02:44):
It's a whole different world. And it was interesting though,
a lot of people don't realize that a lot of
the things that we use every day, from the cars
that we drive, to the clothes that we wear, to
the football teams we watched. Interestingly enough, a lot of
wealthy people who football teams, that is not their general
source of income. That's actually just something they did because
(03:06):
it was fun to do. Most NFL owners, NBA team owners,
that is not how they got their wealth. They essentially
that is just something to do with their money, and
they may just have some sort of joy around sports,
but they did not build their wealth the majority of
them buying the sports team. That is just something extra
that they do because they have so much money. But
it is it's a completely different world out there. And
(03:27):
so the owners and CEOs of these companies that we
don't even know exist, they ideally were our clients. Now.
Speaker 2 (03:35):
So you Howard University, and you said, just as you
said casually, I wanted to work on Wall Street, and
then you wind up working on Wall Street. How do
how does the want and the actual accomplishment happen?
Speaker 3 (03:53):
I think to be and again, when I was in
high school, I wanted to look nice and make a
lot of money. I never had visions of running a business.
I never was one of those students said I wanted
to be my own boss. I always envisioned myself as
an African American working on Wall Street. Something prestiged, something
high paced, competitive, and I knew that in order to
(04:13):
get there, I was competing with the Harvards and the
Yales of the world. And so if they were looking
for prestigious black individuals, they were coming to Howard University.
And so at Howard all of these companies will come
to recruit. So I got exposed to the opportunities that
these companies had available for the students. And when I
got my first internship, and this is interesting, my first
(04:34):
internship on Wall Street. I don't know what they pay now,
but I know I made ten thousand dollars in the
summer time. And so I was nineteen years old making
a bunch of money, and I was like, I like this.
I like the feeling. I liked the people, I like
the environment. I absolutely love New York City. And so
whatever I had to do to be in that position
post graduation, I did what I needed to do to
(04:55):
work on Wall Street. But Howard University played a very
big role in exposing me to these companies, to these
opportunities to see, hey, that it is actually possible for
me to go and have a career on Wall Street
in New York City.
Speaker 1 (05:08):
Cool.
Speaker 2 (05:08):
Now, with that being said, you're you know, you have
a success on Wall Street as an analyst, seeing a
lot of people with this generational money, these accounts. What
what was running through your mind when you're around something
that you see success?
Speaker 1 (05:24):
But are you really a part of the success.
Speaker 4 (05:27):
So a couple of thoughts.
Speaker 3 (05:28):
Trends through my mind. I was in that mert it
was exciting, like I just I saw every single thing,
every dollar you spent, every I saw everything. But after
I would say eight or nine months, I got more
joy and had the desire to pick their brain on
how they got their money, not teach them how to
keep it. But the only issue was that when I
(05:49):
would go back home to Philadelphia, people thought I was rich.
So because I was making six figures, because I traveled,
I wore nice clothes, people thought I had money. And
I realized that there was a big disconnect to how
our community saw wealth and what wealth really was, and
how they thought, how they operated, how they talked their kids,
what they read. It's a completely different lifetile and we
(06:10):
are oblivious to And I think we shouldn't have to
come from money for us to learn about it.
Speaker 4 (06:16):
You don't.
Speaker 3 (06:17):
You shouldn't have to choose a career on Wall Street
to then see how wealthy people operate, manage and invest
their money. So I think it's something that we use
every day. So why isn't it given to us and
talk to us every day?
Speaker 2 (06:28):
And so that's why you created the You combined empower
and modify and created an educational based organization and created
the Health adults. That's me and our children understand financial literacy.
What is financial literacy?
Speaker 3 (06:44):
So the reason I made that word up is because I.
Speaker 2 (06:47):
Think we know you made it up. Now we know
that I was trying to figure out.
Speaker 3 (06:52):
I was trying to figure out who I was and
what I wanted to get to the world. And I
was a teacher, I was a psychologist, I was a
shoulder to cry on, I was a counselor. I was
a lot of things. And it's like, okay, But the
feeling that I am bed in the hearts and minds
of people is not just about money. It's about the
shifting of the mind, because I feel like if your
mind is right, your bank account will be right. When
(07:13):
you think of wealth, you think of longevity. When you
think of rich, you think of a lot of money
right now. Wealth is having a lot of money forever.
And that is one of the core differences that I
saw with our clients. They were worrying about giving money
to their kids, kids' kids just so they didn't have
to pay taxes on the money, whereas the majority of
people in our community are actually waiting for a tax refund,
(07:33):
not realizing that whether people don't get tax refunds. They're
trying to avoid paying taxes in any way possible and
to sustain and keep their wealth to pass it on generation.
That's a generation. And so for me, it was like, Okay,
how can I build this concept and shift our mindset?
Because everything I teach people, whether you're an adult or
a child, you can google it, Like what a stock is.
(07:53):
You can google those things. There's a mental barrier that
stops us from implementing the things that we have access
to when the things that we see and for me,
emplifies the shifting of the mind. So essentially I give
you the education, but I also give you the inspiration
to embedding you that you are worthy enough to receive
this information, that you are able to do this, that
(08:14):
you can invest. So now you're empowered. You got educated,
you're empowered. And what that ultimately does it creates a
shift in the mind because now you have the information,
now you have the inspiration. Now you say, hey, I
can do this. I believe in myself enough and I
know this can be done, which is where to modify
and the transition comes to who we are as a people.
So financial education, I mean that's just getting educated around money,
(08:35):
but again financial education. You can google and not even
have a person present. The problem is that we don't
take this information and feel that we are worthy enough
of becoming wealthy because we are not surrounded by it. Everything.
Speaker 4 (08:47):
Well, please don't go anywhere. We'll be right back with
more Money Making Conversations Masterclass. Welcome back to the Money
Making Conversations Masterclass, hosted by Rashaan McDonald. Money Making Conversations
(09:08):
Masterclass continues online at Moneymakingconversations dot com and follow Money
Making Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 2 (09:19):
And so, now, what about these people miss Fox who
win a lot of Where do they make their mistakes
because they go broke or they don't know what to
do with the money. What advice would you give them
from a financial literacy standpoint to a person who wins
the lottery.
Speaker 3 (09:39):
So I think ideally they lose their money because they're
not accustomed to having it. And it's not until you
start feeling you are deserving of this lifestyle, that you
are grateful for this lifestyle, that your mind can coexist
with the money, Because if you're coming from a place
of lack, I want the money, I want the money,
I want the money I never had, I got to have.
I got to send it, do all those things that
(10:00):
I didn't get the opportunity to do but I didn't
have money. You're coming from a place of lack versus
a place of abundant and ideally, if you're putting out
lack and the desire to obtain money is coming from
a place I need to have it.
Speaker 2 (10:10):
I got to have it.
Speaker 3 (10:11):
From a survival standpoint, all you're doing is putting out lack.
So now the universe is just going to give you
back lack, which is why money gets taken from you.
I would say someone who wears a lottery, or not
even just someone who has a lottery, who comes across
a large amount of money, you have to ask yourself
how long do you want this money to last you?
Because you can give somebody a million dollars and they
can spend a million dollars, and I've seen people spend
(10:32):
a million dollars in less than thirty days who have
not come from money, And so you have to ask yourself,
you come.
Speaker 2 (10:38):
From money and spend it like that?
Speaker 4 (10:40):
Right?
Speaker 2 (10:41):
Right?
Speaker 3 (10:43):
What is it that I want this money for and
how long do I want it to last me? What
matters to me, what's important to me. One of the
things that I do with my clients in particular is
get it all out your system. What do you want
to buy, the house, to car, to clothes, whatever it
is that you want, get it out of your system,
and then put yourself in a position where that money
will last you forever. So that's when you're sitting you
talk to somebody in finance who can help you open
(11:04):
different types of investments, whether it's different types of annuities,
or different type of insurance policies, or different types of
brokerage accounts. Everyone is different and every age is differ
than everyone. The goals are different, but you have to
one get it off your system all the things that
you want. By no means am I saying, don't go
get the things you want. You don't want to look
up and you have all these things you want. Two
years from now, you're back at the same lifestyle, having
(11:26):
no money prior to winning the money that you did receive.
And so I think it's prioritizing what matters, writing out
your goals, the life that you envision, and sitting with
someone before you go blow through everything.
Speaker 2 (11:38):
It's really interesting because I can agree with her on
because when you're in an entertainment business, you get lomps
of money and sometimes a large loss of the money,
and you just spend money without a plan. And I
think that's the key. I can remember having cars and
I'm going, like, what am I doing with all these cars?
(11:58):
And leasing cars? And that means that in the least,
I don't even own it. But I'm paying like two
three thousand dollars a month on just monthly leases, you know.
But I'm telling myself, I can write this all my
taxes because I bought it another business. But in the end,
I don't have the vehicle. So there's a lot of
things you can get out there when you have money
that you can just spend it, and it trivializes itself
(12:19):
because if you don't think about next month, next year,
five years from now, then guess what, you're making a
big mistake when you are living in a lifestyle where
money is coming towards you. Now, the everyday person doesn't
understand that because either they live and check the check,
or they trying to survive, or they barely have a
savings account. Now you what type of people are you
dealing with?
Speaker 1 (12:39):
What type of people are.
Speaker 2 (12:40):
You coaching ms Fox, are you talking about everyday people?
Are people who have a certain financial pool of success.
Speaker 3 (12:48):
No, so don't. I don't turn people away. I think
one of the things I don't do during my time
as a financial lisor, I don't solicit because when people
are ready, they will come. And for me, I've never said, hey,
come work with me, come get your money in order.
When people are ready and they've exhausted all options, have
made all the mistakes that they could possibly have made themselves,
(13:08):
they will surrender and ask for help. And to be honest,
if you would have if you could have gotten it,
you would have been a different person today. So who
you are there has gotten this far. So in order
to be somebody different, you have to do different and
people have to be ready to receive that. But for me,
I don't turn anybody away. Ideally, I just work with
people who want to learn how to make financially educated decisions,
(13:30):
so they are looking to get the education behind that.
And I truly believe when people are ready, when they
realize that, you know, I've made every mistake in the book,
I'm exhausted, I'm frustrated. Somebody has to help me. They're
taking the risk on them. But it's easier to work
with people who want help as opposed to telling someone
you need help, because when you tell someone you need
they need help, it's actually more so offensive to them.
(13:52):
So when people are ready, they'll they reach out, and
if not, they'll get referred or things like that. But
I've never said, hey, you need to get your life
an order, because it's a touchy subject. When people are
ready to get their life of order, and they see
the opportunity or they see someone or something that could
help them, they will make it a priority to get
themselves better financially.
Speaker 2 (14:11):
Because you are talking to successful people, and one thing
about a successful person, You don't want to tell them
they're dumb or they're making the mistakes. You know. You
want to coach them through the process and go, let's
look at it this way.
Speaker 1 (14:22):
How have you considered this? How about this?
Speaker 2 (14:25):
You never just go right in you should do this
all major pushback. But if you say, have you considered this,
here are some options. Those are terms that if you're
good at what you do and she knows I'm telling
us the truth, those are the terms you have to
talk to when you're talking to successful people, especially when
you're talking about their money and what they've done with
their money. Now, let's talk about ways to invest in.
(14:45):
How to start, and it is starting in the stock market.
Speaker 1 (14:48):
The key to starting.
Speaker 3 (14:51):
Well, if you get down to the root of every
type of investment, pretty much every type of investment, it
is all rooted in connected to the stock market world way,
shape or form. Those people don't know if those retirement plans,
those pensions, the hospitals you go to, they all take
their money and it's being invested somewhere. So people one
need to realize that saving is not going to build
(15:12):
you wealth. Investing will. Saving will keep your money safe,
but it is not going to increase your network by
any means. And I think we have this mindset of
I have to have money, I have to keep money,
have to save money. That's a fear driven mentality, and
that's coming from a place of lax of All you're
focusing on is fear. All you're going to attract is
all the things that you are scared of. When it
(15:32):
comes to invest in, The easiest way I always tell
people is to buy what you know. Once you understand
the core of the stock market, which ideally is just
a piece of ownership of a company. You essentially are
investing small pieces of your money in large businesses, and
so the easiest way to start is to buy what
you know. One of the exercises I often do with
my students and with adults is make a list of
(15:54):
everything you spend your time or money on, So from
the water you drink, the car you drive, the food
you eat, the clothes you wear, the social media apps
you use, the phone you use, your cable company. All
these companies are making money off of your consumption. And
especially specifically in the black community, we have a one
point three trillion dollar buying power, which means that after
all of our bills are paid, there's one point three
(16:14):
trillion dollars being given to some company because we always
the consumer, and so as opposed to giving our money away,
sidn't think about how much does it cost to own
a piece of this company. Because a lot of the
large companies that we utilize every day are publicly traded
companies and you are able to buy stocks. So, for instance, Apple,
(16:34):
it costs more to own the new Apple iPhone than
it does to own a piece of Apple as an
entire company. And a lot of the beverages that we drink.
You have no idea everything you touch and feel and
consume is a company. Someone is making money from the
chair you're sitting on. Somebody made that chair, and someone
(16:55):
bought that chair because they knew you were going to
sit on it. Because you are using that chair, that
company makes money. We need to have a proactive mindset
on should I cannot go invest in this company? And
if you're loyal to the brand on a consistent basis,
they are consistently getting your consumption, your money, or your time.
And I think what wealthy people value is ownership versus spending.
(17:17):
In the black community, most specifically, we want to look good.
We want to feel good because deep down the side,
we don't always feel like we are good. Not realizing
that these fortune five hundred companies are here because of
what we spend our time and money on. Not saying
that it's bad to spend, but if you can't buy
it twice, you can't afford it. If you can't invest
(17:38):
it twice, you shouldn't be buying it.
Speaker 4 (17:39):
And so in this case, it's not.
Speaker 3 (17:40):
Just buy the product, it's also owned stock in the
company that makes the products that we are always using.
Speaker 2 (17:46):
As people MS Fox You too smart. I'm telling you,
I'm Jason, I'm a smart guy. Now, I'm Jay Zone.
You're boring the phone talking to you? Pretty smart now?
And you pretty you. I'm tell you something I always liked.
I always tell people why when they're smarter than me,
I gotta applaud them. Girl, you got it going on.
Speaker 1 (18:07):
And but your logic.
Speaker 2 (18:09):
But your logic, because I've heard all these things and
it's now, do you I know we running out of
time on quick? Do you manage a fund?
Speaker 3 (18:16):
No?
Speaker 4 (18:17):
I do not.
Speaker 3 (18:17):
I purely am education.
Speaker 2 (18:20):
You should you should manage your fund. You should manage
I'm just telling you. You know what they're talking about.
Speaker 1 (18:25):
You should.
Speaker 2 (18:25):
You should start your own fund. And guess who be
the first one following you in Rashan McDonough following you
in deep. I'm just telling you, you know that's where
the money at. So you need to consider that because
you are a special young lady. You are special. You
got because your articulation, your your I mean, you don't
stutter when you talk. That's key when you when people.
You don't want nobody to stutter when they talking about
(18:46):
your money. You want clarity. You know she ain't she
don't break stride, she's be rolling. Do this, do this
iPhone because you can buy stock because it's cheaper than iPhone.
That's true, Apple stock on twenty nine iPhone. You know
I could have like six six shares iPhone. Stop so good,
but we got to go. Mits Fox, you know you're
coming back on the show. You know that, right? Yes,
(19:08):
all right, you stay strong, you keep winning This Rashan
McDonald and Miss Ashley M.
Speaker 1 (19:11):
Fox. This has been another edition of Money Making Conversation
Masterclass hosted by me Rushawn McDonald. Thank you to our
guests on the show today and thank you for listening
to audience now. If you want to listen to any
episode I want to be a guest on the show,
visit Moneymakingconversations dot com. Our social media handle is money
Making Conversation. Join us next week and remember to always
(19:34):
leave with your gifts.
Speaker 2 (19:36):
Keep winning,
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